A few years ago in a 747-400 sim, we flew a profile that required one outboard failing after V1 and the adjacent engine failing at 1000ft above ground. This was at a sea-level airport at +28deg C and a weight of 380,000kgs TOW. As there was no terrain to consider, the aircraft was put into a shallow dive, to accelerate and the flaps retracted just below bug speeds. At the UP bug (approx. 265 kts) the a/c was allowed to climb until MSA achieved and then accelerated to 290 kts - where full manoeuverability to turn into the live engines was possible. A very interesting scenario which required precise handling, but the results were (for me at least) quite surprising. No fuel dumping took place during the exercise - it would have made, perhaps, only a reduction in weight of about 10 - 12,000kgs i.e 3-4kts.
Not something I would like to face in the aircraft, as PAX and hand-baggage often weigh more than the notional weights used for the loadsheet!